Penn National discloses plan to establish casino REIT

Penn National Gaming said it will create a casino real estate investment trust as part of its plan to split into two companies. The company will continue to manage most of its properties, while 17 of those will be placed under the REIT. "This proposed transaction would be transformational for Penn National and its shareholders, and presents a direct path toward unlocking the tremendous value of our real estate asset portfolio. Our plan is to create two well-capitalized companies with strong free cash flow that are positioned for growth in the gaming and REIT sectors," Penn National CEO Peter Carlino said.